Branson paid $512,300 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2020. On that date, the subsidiary had a book value of $343,000 (common stock of $200,000 and retained earnings of $143,000), although various unrecorded royalty agreements (10-year remaining life) were assessed at a $146,000 fair value. Any remaining excess fair value was considered goodwill.

In negotiating the acquisition price, Branson also promised to pay Wolfpacks former owners an additional $71,000 if Wolfpacks income exceeded $110,000 total over the first two years after the acquisition. At the acquisition date, Branson estimated the probability-adjusted present value of this contingent consideration at $49,700. On December 31, 2020, based on Wolfpacks earnings to date, Branson increased the value of the contingency to $56,800.

During the subsequent two years, Wolfpack reported the following amounts for income and dividends:

	Net Income			Dividends Declared
2020	$	60,200		$	20,000
2021		70,200			30,000

In keeping with the original acquisition agreement, on December 31, 2021, Branson paid the additional $71,000 performance fee to Wolfpacks previous owners.

Prepare each of the following:

1. Bransons entry to record the acquisition of the shares of its Wolfpack subsidiary.

2. Bransons entries at the end of 2020 and 2021 to adjust its contingent performance obligation for changes in fair value and the December 31, 2021, payment.

3. Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the equity method.

4. Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the initial value method.It kepts saying my question is not completed. Please check to see if I miss anything

Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event Accounts Debit Credit 1 C No Transaction Recorded 2 S Common stock - Wolfpack Retained earnings - Wolfpack Investment in Wolfpack 200,000 183,200 383,200 3 A Royalty agreements Goodwill Investment in Wolfpack 131,400 73,000 204,400 4 | 55,600 Equity earnings of Wolfpack Investment in Wolfpack 55,600 5 D Investment in Wolfpack > 30,000 Dividends declared 30,000 6 E Amortization expense 14,600 Royalty agreements 14,600 Prepare consolidation worksheet entries as of December 31, 2021, assuming that Branson has applied the initial value method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event Accounts Debit Credit 1 25,600 Investment in Wolfpack Retained earnings - Branson 25,600 2 S Common stock - Wolfpack Retained earnings - Wolfpack Investment in Wolfpack 200,000 183,200 383,200 3 A Royalty agreements Goodwill Investment in Wolfpack 131,400 73,000 0 204,400 5 1 No Transaction Recorded 6 E 14,600 Amortization expense Royalty agreements 14,600 X Answer is not complete